As the drive for higher education continues and college tuition is on the rise, college-bound students and graduates face the challenges of student loans. According to College Board, the average published tuition and fee price for full-time in-state students at public four-year colleges and universities is $10,230 in 2018-19, $250 (2.5 percent before adjusting for inflation) higher than it was in 2017-18.
- The 2018-19 increase in published tuition and fees was largest in the private nonprofit sector, where the average price increased by 3.3 percent ($1,130) to $35,830.
- Average public four-year tuition and fee prices range from $8,600 at bachelor’s colleges and $8,850 at master’s institutions to $11,120 at doctoral universities. Average published prices for these types of institutions in the private nonprofit sector are $34,920, $30,450, and $44,020, respectively.
- The $14,000 average tuition and fee price for full-time students enrolled in for-profit institutions in 2017-18 was about four times as high as the average price at public two-year colleges and 1.4 times as high as the average in-state price at public four-year institutions that year.
There is good news on the horizon. The New York Times reports that interest rates on new federal loans will decrease this summer: “Rates on loans for undergraduates will fall to 4.53 percent, down from 5.05 percent for the 2018-19 academic year. Rates for graduate students will drop to 6.08 percent from 6.6 percent this year.”
See statistics from the College Board, a not-for-profit organization that connects students to college success and opportunity, here.
LEVERAGE offers a partnership that can help your credit union invest in student loans. Read more here.